Many Vanguard Managers Don't Have Skin in the Game

At least 42 portfolio managers at Vanguard Group do not have a personal stake in at least one of the funds they manage, an analysis of fund prospectuses by Dan Weiner, editor of the Independent Advisor for Vanguard Investors, shows.

Among those who don't have a stake in their funds are managers at two outside sub-advisors, Hansberger Global Investors and Sanford C. Bernstein, The Wall Street Journal reports. However, most of the managers who don't have a personal stake work within Vanguard.